Here’s what you need to know before markets open.
1. Buffett-backed cloud unicorn Snowflake nets $3.4 billion in record-breaking software IPO. Cloud startup Snowflake raised a record-breaking $3.4 billion on Wednesday, in the largest ever initial-public-offering for a software company on Wednesday, kicking off a big week for technology firms going public this week.
2. The OECD warns the world economy will collapse by 4.5% this year, in its worst slowdown since World War Two. The global economy faces the prospect of the most dramatic collapse this year since the second World War, as the coronavirus pandemic rampages through the world population, the Organization for Economic Cooperation and Development said on Wednesday.
3. UK inflation hits lowest level since 2015 after government’s dining-out scheme cuts prices at restaurants. UK inflation hit a near five-year low in August, in part thanks to a government scheme that cut the price of dining out.
4. Morgan Stanley pinpoints the most attractive opportunity it sees for investors as a new bull run takes shape – and shares 3 strategies for generating market-beating returns. With the end of COVID-19 nowhere near, it is hard to believe that the stock market is well into another bull run and the economy has entered into a new cycle.
5. MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus. Morgan Stanley strategist Andrew Sheets recently said the fate of the stock market – and the economy – in the months ahead was “unusually dependent” on Congress and President Donald Trump moving another round of fiscal stimulus to the finish line.
6. Spotify has torn into Apple again, this time over the new Apple One subscription bundle. Spotify has accused Apple of anticompetitive behavior following the announcement of Apple One, a subscription bundle that ties together existing services including Apple Music, Apple TV Plus, and Apple Arcade.
7. Fred Stanske’s fund is crushing the market using a Nobel-winning approach that exploits his rivals’ biases. He told us 2 common errors investors should watch out for, and 3 indicators that will set them straight. No reasonable person expects all of their decisions to work out, investment-related or otherwise. But eliminating some basic sources of error can be a powerful advantage, and it’s helped Fred Stanske’s Fuller & Thaler Behavioral Small-Cap Growth Fund beat the returns of 96% of other small-company growth stock funds over the last five years.
8. Global stocks are mixed. Most Asian benchmarks closed lower, while European markets are under pressure. US futures are pointing to a rise of between 0.1-0.4% at the start of trade later.
9. Earnings coming in. Synergie Q2 20 earnings and Tessi Q2 20 earnings are due.
10. On the economic front. US August retail sales, EIA crude oil inventories and the statement on monetary policy from the Federal Reserve are upcoming.
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